WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Wednesday that he has “no intention” of leaving the central bank until a Justice Department investigation related to his testimony about a building renovation is “truly over.”
Powell’s term as Fed chair is scheduled to end on May 15, but he could elect to stay on the board to finish his term as a Fed governor. President Donald Trump has nominated a former top Fed official, Kevin Warsh, to replace Powell as chair.
Last Friday, a judge threw out a pair of subpoenas that the Justice Department had issued to the Fed, dealing a blow to the investigation. But U.S. Attorney Jeannine Pirro has said she will appeal the ruling.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
WASHINGTON (AP) — Federal Reserve officials expect the Iran war will worsen inflation this year while having little impact on economic growth, but they still expect to cut their key rate once in 2026.
